Intangible property, which is protected by patents, trademarks and/or copyrights, has many of the same rights and privileges as real property. For example, intangible property can be bought, sold, traded, or licensed just like real property.
When intangible property is sold or licensed, the seller my sell the exclusive or non-exclusive rights to the intangible property. For example, a newspaper can purchase the exclusive right to use a photograph for its newspaper or website, thus preventing its competitors from using the image. Alternatively, a news service may purchase the non-exclusive right to use the photograph in its newspapers, while a magazine may purchase the rights to use the photograph in its magazines. Non-exclusive use rights can be restricted by any number of different limitations including: geographic location, time, media type, number of uses, type of use, or any other limitation that the parties agree to. By selling the non-exclusive rights to a photograph to several parties, a photographer may acquire a greater return for their photograph.
With the advent of on-line news services, 24-hour cable news networks, and specialty magazines and periodicals, there is a growing demand for news and current events. This, in turn, has created a number of new markets for the latest news and information.
Accordingly, independent news reporters, photographers, and individuals involved in gathering news and current events require a way to access these many markets and sell their photographs, stories, and interviews, etc.